Looks like PONY has given...

Looks like PONY has given up
https://paintedpony.ca/investors/news-releases/news-releases-details/2020/Painted-Pony-Enters-into-Agreement-to-be-Acquired-by-Canadian-Natural-Resources-Limited/default.aspx

If one ever needed confirmation that undeveloped land is worthless in the current Montney world this is it.

Now to quote PONY Mgmt



And CE1 valued production at $30,000 Boepd if I recall (liquids rich of course)
Thus a "production only" value = $30,000 x 53,141 = ~$1.6B
But its not "liquids rich" ... its about a 1/4 as liquids rich so I'll take a 1/4 of the value (not a great way to do it but acceptable for the moment) ... ergo "production is worth" $400M (,max IMO) or much closer to numbers I been using (in the $4K to $6K range) .. or ~$8K per flowing boepd.

Values the extensive infrastructure (like $1B of processing plant assets) at $0 and like E&E assets. Again quoting right off the last Qtrly



and the Proved and Probable Reserves ... written down to $915M





I for one do not believe a word of the "land valuation" coming from CE1.


The only good news (for me) is at least CNQ bought them ... so maybe I see some value in a decades time.